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STEP

StepStone GroupB
Nasdaq / Financial Services
Last Price
Quote time unavailable
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Current thesis
The primary earnings event showed strong recurring-fee momentum: fee revenues rose 21% y/y for FY26, FRE rose 14% y/y, AUM/AUA/FEAUM all increased, and the board returned cash through both a regular and supplemental dividend. That supports a constructive monitoring view if fee-earning AUM growth continues.
Posture
Constructive
Lead driver
Sentiment
What changed
Sentiment remains the lead driver in the composite, 7D delta -0.5.
What can break
GAAP earnings are still noisy and negative, with FY26 net loss of $743.3m and quarterly GAAP EPS of $(0.10).
Momentum
27
Value
40
Sentiment
79
Setup hits (3d)
0 · Net Neutral
AI TargetsBase $58.00 · Bull $70.00 · Bear $45.00Analysis 2026-05-23; returns require an exact persisted reference.
Data freshness
Prices
Unavailable: Price unavailable
Fundamentals
As of 2026-10-23 • Vendor: Data Vendor v1
Scores
As of 2026-10-23 • Model: HYBRID_IC_RP
AI Memo
As of 2026-05-23 • Model: RankAlpha Sentiment Codex
Investment thesis
As of 2026-10-23

Grade is the composite factor band; factor scores use a 0–100 scale. Confidence describes evidence quality, not a probability of return. Score date: 2026-10-23. Definitions

Supporting evidence
What
Grade B · Constructive
Confidence Medium · Net Neutral
Target $65.70
Why
Momentum27 · Δ7d -4.1
Value40 · Δ7d +0.0
Sentiment79 · Δ7d -0.5
So what
Strength-led posture (Net Neutral). Favor watchlist adds and disciplined entries.

Confirming evidence

  • • Sentiment remains the lead driver in the composite, 7D delta -0.5.

Contradictions & invalidation

  • • GAAP earnings are still noisy and negative, with FY26 net loss of $743.3m and quarterly GAAP EPS of $(0.10).
  • • Performance-fee and PRE volatility remains high; Q4 gross realized performance fees fell 44% q/q and PRE fell 57% q/q.
  • • The quarter still had volatile performance-fee exposure, with gross realized performance fees and PRE down sharply q/q, while GAAP profitability remained noisy.

Catalyst clock

2026-05-20

Q4/FY26 print confirmed recurring-fee growth and a larger dividend

Lead driver: Sentiment · See AI snapshot
Momentum
27
8% active weight
Current posture
7d trendFlat
Δ7d
-4.1
Δ21d
-10.5
Value
40
47% active weight
Current posture
7d trendFlat
Δ7d
+0.0
Δ21d
-0.0
Sentiment
79
45% active weight
Current posture
7d trendSoftening
Δ7d
-0.5
Δ21d
-3.1
Why this grade

Composite grade B. Momentum 26.7 / Value 40.0 / Sentiment 79.3

Scenario snapshot

Scenario probability is memo-authored likelihood, not forecast certainty. Targets belong to the analysis dated 2026-05-23. Scenario method

B+
Bull case
25%
Probability
Target price
$70.00
Analysis reference price unavailable
Analysis 2026-05-23 · RankAlpha Sentiment Codex
Most likely
B
Base case
50%
Probability
Target price
$58.00
Analysis reference price unavailable
Analysis 2026-05-23 · RankAlpha Sentiment Codex
B-
Bear case
25%
Probability
Target price
$45.00
Analysis reference price unavailable
Analysis 2026-05-23 · RankAlpha Sentiment Codex
Fundamentals (TTM)
As of 2026-10-23
Market Cap
$5.07B
Beta
1.31
Shares Out
82.29M
P/E (TTM) · Derived
-9.1
P/S (TTM)
5.27
P/FCF (TTM) · Derived
15.19
Rev YoY
+13.2%
EPS YoY
+186.2%
Gross Margin
+79.4%
Op Margin
-53.4%
Net Debt
$186.36M
Current Ratio
0.20
As of 2026-10-23 • Updated nightlySource: Internal modelMethods & Data